New research from online marketplace eBay reveals nearly three quarters of the UK population1 (70%) are always on the look out for a bargain and not just when they hit the shops. The study reveals a new definition of a bargain with nearly half of Brits (43%) admitting they no longer consider something to be a bargain unless there is at least a 50% reduction in price.
Motivations for finding a bargain
With the eBay phenomenon sweeping the nation the UK can now bag a bargain and get more for their money 24/7. Price is one of the UK’s biggest motivators when we’re on the hunt for a bargain with more than half of the UK (54%) saying it’s the most important factor.
How and where do we find a bargain?
Contrary to perceived wisdom, the eBay research revealed men are hungrier than women for a bargain with more than half (59%) on the look out “all year round” – regardless of sales. However, when knowing where to look for a bargain, women win hands down with nearly three quarters (73%) admitting to keeping an eye out both online and in the shops whereas one in five (22%) men stick to looking online to bag the best price.
A thrifty nation
Findings also show Brits have perfected the art of bargain hunting with only 2% saying their ‘hunts’ are unsuccessful, compared to 44%1 admitting more than half of the time they bag their bargain. As a nation we’re definitely thrifty and eBay research reveals the top five bargain hunting cities*:
Britain’s Best Bargain Hunters
- Brighton
- Edinburgh
- Sheffield
- Bristol
- Newcastle
Britain’s Worst Bargain Hunters
- Belfast
- Glasgow
- Manchester
- Plymouth
- Southampton
Bargain bragging
When it comes to our new purchases, how little we paid for something is increasingly our biggest brag, with more than a third of the UK (37%) bragging about their latest bargains. Generally, and not surprisingly a third of women (32%) admit to bragging about their bargains to anyone who will listen compared to 30% of men who will only brag among each other to boost male pride.
Prof Colin J Coulson-Thomas, author of Winning Companies: Winning People, the differing approaches of winners and losers comments, “The art of bagging a bargain has been around for a long time but only recently have people been more willing to share their buying secrets. When bargains were harder to find we kept sources of supply up our sleeve. Rather than saying thank you when complimented on an item we tend to say how much something cost by way of response. With online sites and round the clock shopping at our finger tips it’s becoming easier to buy things at low prices. If you miss today’s best buy there will be other opportunities tomorrow.”
So, to bag yourself the ultimate bargains here are some bargain hunting insights from the nation for the nation:
- Nearly half of the UK (42%) say knowing where to look is the most important factor for bagging a bargain
- More than one in three men (37%) say self control is the key.
So, whether it’s browsing the shops or surfing the net it’s safe to say we really are a nation of bargain hunters.